by Ultraviolet (UV) light-emitting diodes (LEDs) offer several advantages over conventional UV light sources such as low power consumption, long operational lifetime, compact size, mercury-free operation, and cost effectiveness. They are highly effective in curing inks, coatings, and adhesives used in manufacturing industries. They are also widely used in disinfection and sterilization applications in the healthcare sector. Increasing awareness regarding advantages of UV LEDs in disinfecting healthcare facilities without spreading toxins is propelling their demand for sterilizing medical devices, equipment, and operation theaters. The global UV LED Market is estimated to be valued at US$ 957.3 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from the healthcare industry is one of the major trends driving the growth of the UV LED market. UV LEDs are widely being used in disinfection applications in the healthcare sector. They provide an effective and environment-friendly solution to disinfect medical devices, laboratories, and operation rooms. They eliminate the use of mercury and produce negligible ozone or heat during the disinfection process. Moreover, UV LEDs have a longer lifespan of over 10,000 hours as compared to conventional UV lamps, which need frequent replacement. This helps reduce maintenance and energy costs for healthcare facilities. With growing concerns regarding hospital-acquired infections, the demand for UV LEDs from the healthcare industry is expected to increase significantly over the forecast period.
Segment Analysis
The global UV LED market is dominated by the ultraviolet curing segment. It accounted for over 55% of the total market share in 2023. UV LEDs are increasingly being used for curing inks, adhesives, and coatings in various manufacturing industries such as printing, manufacturing, healthcare, and semiconductor due to their inherent advantages over mercury lamps such as compact size, instant on-off, longevity and environmental friendliness.
Key Takeaways
The Global UV LED Market Demand is expected to witness high growth.
Regional analysis: The European region currently dominates the global UV LED market with a share of over 30% in 2023. Strong presence of automotive, healthcare and manufacturing industries coupled with stringent regulatory norms favoring the adoption of eco-friendly UV curing systems are some major factors propelling the UV LED market growth in the European region. The North American region is also expected to grow at a considerable pace during the forecast period owing to increasing R&D investments and expansion of the printing industry.
Key players operating in the UV LED market are Mango, Forever 21, River Island, Peacocks, Topshop, Zara, Bershka, Inditex, H&M, Primark, C&A, Stradivarius, Pull&Bear, Oysho, Massimo Dutti, Uterqüe, Lefties, Arket, New Look, Next. Philips,LG,Nichia,MLS,Seoul Viosys, Crystal IS, SemiLEDS, NIKKISO, DOWA,Stanley,Cree and Crystal IS are some leading players in the UV LED market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile i
